Wednesday - 9 July 2008
9.30 a.m. - Malayisian Time
The CPO ( crude palm oil ) for September's contract open at 3477 and closed at 3454 yesterday. The highest was at 3534 and the lowest was at 3454. No comment on that
In medium term, the market is bearish, so is the very very short term. My forecast for today is as follows;
1) If the market opens between the level 3454 to 3480. Sell if the market moves up between 7 to 10 points from opening point. Becareful here, the market is now below 3480 which indicates that the market may go up sooner or later and if this happens especially after beating up the level between 3490 to 3497 , the market may end a white bar today. If you are not sure, just stay away from the market.
2) If the market opens between 3480 to 3490. Buy after the market has moved up and passed the level between 3490 to 3597.The market may go up further if the level between 3535 to 3560 are broken.
3) If the market opens between 3490 to 3518. Buy after the market has retraced a bit after opening or/and after the market has moved up between 5 to 10 points from the opening point. The market may move further up if the level between 3535 to 3560 are to be broken.
4) If the market opens above 3518. Please refer to the bold leters as at #3
5) If the market opens below 3454. It is your call. The market may go up today but I don't know where to suggest for the buy position.
6) You can also look for a clear pattern of 2 or 3 bottoms to long especially if the market has passed down the level 3454.
7) Please refer to # 9 ( Thursday's Tips dated 26 June )
8) Please also refer to # 9 and # 10 ( Tuesday's Tips dated 1 July )
Well, that's about it. If not sure , contact your broker and never refer to any blogger ( including me? )
Have a nice trading day